1 September 2024 marks the commencement of the Two Component system. It is one of the most significant reforms to the retirement fund industry in decades and undoubtedly, many working in, and for, this industry are feeling a bit overwhelmed and nervous, given...
On 1 September 2024, the retirement system in South Africa will change considerably. The new regime is known as the two-pot retirement system. Going forward, members of retirement funds will be able to access a portion of their retirement savings while still...
The two-pot system is the latest milestone in retirement reforms that have taken place over the last decade. This new system is an exciting and significant enhancement to our retirement fund system. The two-pot system will increase retirement savings over the...
It can sometimes feel like mental health issues are an entirely modern problem; in truth they have probably been around as long as we have. People just didn't talk about them before and those affected suffered alone, in silence and in shame. Today, we can...
When a member of a retirement fund dies before reaching retirement age, the lump sum benefit which becomes payable (the “death benefit”) must be paid to the member's dependants and/or nominees. Section 37C of the Pension Funds Act, 1956 regulates the payment...
The President signed the Pension Funds Amendment Bill into law on the 21 July 2024, clearing the way for retirement funds to amend their rules, to enable members to access part of their retirement savings without having to leave employment. The two-pot...
As retirement funds prepare for the Two-Pot system on 1 September 2024, a major concern is the expected influx of inquiries from members wanting to withdraw from their savings pot. Providing efficient and compassionate support to members becomes paramount....
Almost a quarter of South African households say their access to food is insufficient, according to new statistics released in late May 2024. Statistics SA's General Household Survey found that 23.1% of households considered their access to food inadequate or...
The Need for Tracing Unclaimed benefits present a significant financial concern both for individuals and institutions. For individuals, unclaimed benefits could be life changing amounts of money that lie dormant due to lack of claim. For institutions,...
The pillars of retirement savings reform that Rob Rusconi tabled for discussion at the ANC's Polokwane conference in 2007 included the following key elements: Preservation of savings, portability of benefits, universal coverage, adequate benefits,...